Jammu & Kashmir Bank Flexi Deposit
Jammu & Kashmir Bank offers its customers the facility of flexi deposit where you can deposit variable amounts every into the deposit.
Deposit Amount | Rs.1,000 and above |
Tenure | From 6 months to 10 years |
Interest payouts | Interest will be paid on maturity |
Premature withdrawal | Allowed (with penalty) |
Add-ons |
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Eligibility of Jammu & Kashmir Bank Flexi Deposit
- An individual
- More than one person in joint names.
- A minor through a parent or a guardian.
- Sole Proprietorship concerns
- Partnership firms
- Private and Public Limited Companies
- HUFs
- Associations
- Clubs
- Societies
- Trusts
Documents Required to Apply for the Jammu & Kashmir Bank Flexi Deposit
- Application Form
- Photograph of depositor/s (2 copies)
- Documents as per KYC Norms
- PAN Card or Form 60 or 61
- Any other related documents as applicable to Minors, Partnership Firms, Companies, HUF's etc
Interest Rates on Term Deposits of less than Rs.2 Crore
Tenure | Interest Rates for General Public (p.a.) | Interest Rates for Senior Citizens (p.a.) |
7 to 30 days | 3.50% | 4.00% |
31 to 45 days | 3.50% | 4.00% |
46 to 90 days | 5.25% | 5.75% |
91 to 180 days | 5.50% | 6.00% |
181 to 270 days | 6.25% | 6.75% |
271 days to less than 1 year | 6.25% | 6.75% |
1 Year to less than 2 years | 7.00% | 7.50% |
2 years to less than 3 years | 7.00% | 7.50% |
3 years to less than 5 years | 6.75% | 7.25% |
5 years to less than 10 years | 6.50% | 7.00% |
Note: These rates are effective from 11 August 2024 and can be changed as per the Bank’s rules and regulations.
Interest Rates for Withdrawable Term Deposits: Above Rs.2 cr
Maturity Period | Interest Rates for General Public (p.a.) |
7 days to 30 days | 4.50% |
31 days to 45 days | 4.50% |
46 days to 90 days | 5.00% |
91 days to 180 days | 5.50% |
181 days to 270 days | 6.25% |
271 days to less than 1 Year | 6.25% |
1 Year to less than 2 years | 7.00% |
2 years to less than 3 years | 6.50% |
3 years to less than 5 years | 6.25% |
5 years to less than 10 years | 6.00% |
Note: The interest rates are effective since 11 May 2023 and can be changed as per Bank’s rules and regulations.
Interest Rates for Non-Withdrawable Term Deposits: Above Rs.2 cr
Tenure | Interest Rates for Rs 2.00 Crs to Rs 2.50 Crs (p.a.) | Interest Rates for above Rs 2.50 Crs to less than Rs 5.00 Crs |
91 days to 180 days | 5.60% | 5.60% |
181 days to 270 days | 6.10% | 6.10% |
271 days to less than 1 year | 6.10% | 6.35% |
1 year to less than 2 years | 6.85-7.10% | 7.10% |
2 year to less than 3 years | 6.60% | 6.60% |
Note: These interest rates are effective since 11 February 2023 and can be changed as per Bank’s rules and regulations.
FAQs on Jammu & Kashmir Bank Flexi Deposit
- Is the interest under the Jammu & Kashmir Bank Flexi Deposit applied on simple or compound basis?
The interest for the Jammu & Kashmir Bank Flexi Deposit is compounded quarterly.
- What are the tenures available for the Jammu & Kashmir Bank Flexi Deposit for which I can open accounts?
You can open an account for tenures between 6 months and 10 years.
- Is there a value addition offered under the Jammu & Kashmir Bank Flexi Deposit?
Yes, you have a Flexible Credit facility up to 90% (with facility of multiple credits/withdrawals) of the amount deposited and interest accrued.
- Am I allowed to withdraw my deposit prematurely?
Yes, but you will be charged an interest on pre-mature withdrawals.
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